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snot Started conversation May 19, 1999
more interesting stuff, now i am revising housing policy under Thatcher and labour market policy over the last 20 years, its pants. let me know if you know anything about either.
Thatcher, housing policy, etc
Night Nerd Posted Jun 22, 1999
Her policy was basically to build them, build 'em fast and build 'em cheap so that people who didn't have any money after nasty old Labour (yes, in the Seventies they were prats as well!) had finished with them. The cheapness of the houses meant that everyone could buy a house and 'get on the housing ladder' - you must be sick of that phrase by now. The bubble burst when everyone realised they now had no money BECAUSE they had a house and no-one could afford to move. Suddenly everyone was in 'negative equity' - they were paying mortgages that were usually for more than the house was worth after the prices fell, so they couldn't move or the sale price of the house wouldn't pay off the mortgage on it. Stupid yeah? This led to much increased tightening of the rules on who banks etc would lend money to (because they shouldn't really have given the mortgages to the people who couldn't really afford them in the first place.) Make sense? Hope this helps - if it is inaccurate or confusing then I'm sorry. NightNerd
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